bond-basics

Tax-Exempt Bonds

A Bond, the Interest on which is excludable from gross income for federal income tax purposes.


See Also

Bond

Evidence of the borrowing by an issuer and a debt instrument for tax purposes.

Tax

Compulsory charges levied by a governmental unit for the purpose of raising revenue. 


In Contrast To

Taxable Bond

A bond, the interest on which is not excludable from gross income for federal income tax purposes.

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Verification Report

A document that verifies the mathematical accuracy of information needed to support bond counsel’s conclusions that an advance refunding bond issue is a tax-exempt bond issue and/or that refunded bonds are defeased.